What We've Learned!

105 posts in this topic

Since the time I began my personal credit repair process and joined these forums; these are some of the key things I have learned:

please contribute by posting a summary of anything useful you have learned

1. A satisfied judgment does not remove it from your credit report by law (that’s not to say you can not get lucky and still get it deleted) satisfied or released judgments simply mean that they are paid.

2. It seems as though the 3 credit reporting companies may treat people slightly differently according to geographical location *(may have to do with specific state laws, etc.)* still learning about this but it seems to be a factor worth mention.

3. FAKO scores are the fake/generic scores for your credit report, FICO (Fair Isaac & Company) scores are a standardized scoring system, more like the real score a potential lender would see. (there are different FICO scoring models, its hard to know which one different lenders use) in short a FICO should be much closer than any FAKO in helping us to know our credit score.

6. You can report yourself to a bureau, be careful not to accidentally dispute an item from one reporting company with a different company who does not report the item, it may be added to your report as a result of accidental disputing with the wrong company.

7. People will help you here if you ask for it, they may not catch your questions immediately or the first time, you can ask more than once if needed, or private message someone.

8. There is an abundance of useful information here, try searching for company names, topics, and such you may find an answer or useful information that way.

Don't be afraid to ask questions or to ask for clarifications, we are all here to help one another and learn from one another.

Keep excellent records. Keep all of your documentation in one place and continue to write down what you are doing in a notebooks, so if you need it, you have it.

Always try to write down the name of the person your are dealing with, if they have any special ID number, date and time of call... etc...

NEVER talk to a CA on the phone.

NEVER deal with the CA, if you can avoid it. Always try to deal with the OC.

Knowledge is the best offense and defense.

Never doubt the power of the search function.

This stuff doesn't happen overnight, or even two nights. It is something that you will be doing for the rest of your life and that you will have to stay on top of. That is ok though.. it is addicting! Persistance is Key.

K... that is all my brain wants to type right now.. but that is just some of what I have learned on the boards.

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Miracle, you are oviously much more experienced than I, but I must give another side of the story on NEVER talking to CA's over the phone..

1) I have learned if you have intentions on paying debts that very well be legitimate or maybe you are trying to buy a home very soon, Degrogs are on your CR, you can get a positive result to talking by PHONE to a CA.

2) I have now recieved 3 letters of deletion with an effective discussion over the phone (With my Sob story, you do have a sob story right?? ) with the CA, specifically on that phone call, or 2, maybe even 3. I have all letters on hand, and confirmed deletions off my CR's, that were negotiated over the phone with payments, full payments on Collections that were only 1 year old (Minus all late fees), 20% of the original amount on collections over 4 years old.

3) Most of all I have learned with the patience and guidance of those like Miracle, you can have a dramatic change in your life, and it feels no less than a Miracle ...

And further...out great country was shaped by men and women forming as one, and guiding those that have ambition to follow that path that those before us have paved, staying noble and compassionate, lending a hand...I will not move forward in life, unless I know I have a hand of another that wishes to follow that path...

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Stay away from the phone. The CSR's and collectors who answer the phone don't have the authority to negotiate anyway.

Don't believe anything you are told unless you see it in writing, even then confirm it. (That includes opinions from people on this board)

If you take your time, you can outsmart CA's. They need your money more than you need them- they work on commission- remember this and you have the upper hand.

Examine EVERYTHING. They always make mistakes, your job is to find the mistakes. Then they compound it by refusing to correct them. Be thorough- the answer is there.

Take your time, do it right. Screw ups stay with you for years. (Remember- that's how you got here in the first place.)

Don't try to reinvent the wheel- the process seen here works.

Don't fight the CRA's unless you have to- they can be your friend or they can make this harder- the ca's are dumber anyway- plus you will have to do business with the CRA's later- better not to have them mad, if you can fix things the other way

You aren't the only one- no matter how bad things look, someone else has been there and survived

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5. GET IT IN WRITING, when possible. I would add that if you can't get it in writing... it hasn't happened! (At least don't count on it...)

8. BE CREATIVE - THINK OUTSIDE OF THE BOX!

9. THINK BEFORE YOU ACT! Prior to initiating contact, consider if it's best to play dumb, victimized or broke, versus successfully employed, "on top of things" or a professional credit repair wiz. In my experience, a little humility goes a long way in winning support for your cause. Know where you stand legally (and morally, if applicable) before you even think about contacting the CA or CRA or OC. Know your rights in any situation. Forewarned is forearmed.

~Get advice from many sources- but make up your own mind. I'm not saying you shouldn't trust anyone- but be careful how much you invest in someone else's opinion. ~DO NOT trust anyone to whom you owe money- or claims they're supposed to collect from you- or maintains the records of your payment history.

~Occasionally in any profession, you'll find someone who'll go out of their way to help make things right for you. These people are rare- appreciate the few!

~If it's not in writing- it's NOT. Similarly- if it's in writing but not signed by an authorized individual... you still don't have much!

~Above all- stay on top of your paperwork and document document document! A paper trail proves your case... and good record keeping is vital. Find a system that works for you and USE IT. Any system that works for you is good- as long as it keeps your paperwork easily accessible and neat.

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1. There is no "magic bullet" to good credit ratings. You have to keep on top of it to make sure bothe the CRAs and furnishers are reportign accurately.

2. Privacy Guard (or similar service) can be an invaluable tool to keeping track of your furnishers.

3. Fixing credit problems can be a full-time job in and of itself...so try not to get to the fixing point to begin with.

4. Don't neglect the "specialty CRAs." The big three frequently use them to get information so it's just as important to make sure Innovis, Lexis, and the others toe the FCRA line as well.

5. Never assume something that has been deleted will not reappear (even years later). So keep ALL your credit reports you've obtained in a file.

6. Be organized. Keep a file for each CRA, furnisher, or collection agency. Keep seperate copies of relavent material in each file. IOW, if you have a credit report dispute about a CA keep a copy in the CRA file and one in the collection agency file. They keep files on you...so turnabout is fair play.

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There's tons of infomation on this website, and I've always thought that it would be so cool if someone served as a moderator, and built a step by step chart/grid or other format, telling you what to do when (and if).

I've only been doing this for about 7 weeks, so I'm not the best one to do it, but maybe someone with more experience could pull together and edit the resources already detailed on this site, and really facilitate some serious credit a&#036;&#036;-kicking!

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That would be cool for some....But you know, after all this time, I have been working on my Credit for 6 months, and I feel addicted and empowered with all the education I have learning by having to search, and ask, and get to know those out there.

Not to say this still wouldnt happen, becuase when they answer the questions that are asked by someone that couldnt search and find the right answer, they are doing exactly what you said, only in a random way.

But realistically, for who ownes this site and keeps it up, I would imagine the book "Good credit is Sexy" probably has most of the information in that type of format.. And I think people should buy it, you know, I must tell you, I almost feel like a credit lawyer!!

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There's tons of infomation on this website, and I've always thought that it would be so cool if someone served as a moderator, and built a step by step chart/grid or other format, telling you what to do when (and if).

I've only been doing this for about 7 weeks, so I'm not the best one to do it, but maybe someone with more experience could pull together and edit the resources already detailed on this site, and really facilitate some serious credit a&#036;&#036;-kicking!

Here is a good flowchart (for DV) that has already been started by none other than Queen Kristy (aka Admin!)

3) When the reports come in the mail, three-hole punch them and put them in their own divider: EX, EQ, TU

4) Join a credit monitoring service. I recommend "www.mycreditkeeper.com" but all are fine. Check your FAKOS daily. This is addictive at first and important. These scores are based on your stuff, but they are generated from a formula other than the FICO standard used by most creditors.

5) Do on-line disputes of all inaccurate, outdated, or other unwanted information on your report. Go to each of the three websites for the "big 3" to do this. Print up the final page showing the dispute is in process and put these in your folder in a new divider called "Dispute Records."

6) As you get your results, note the changes on your reports so you wont need to dispute them again. TU will send you a new report. Throw the old one out and be constantly updating the Credit Report. Do the same as you get new copies of the other two.

7) Apply for and open new accounts (only what you can handle). Never pay them late, and carry less than a 35% balance of your total reported credit limits.

8 ) Items that came back as verified or as not changed, send a CMRRR letter stating you require proof that this debt is yours (DV). Give the company a timeline. Three hold punch a copy of the letter and the tab from the CMRRR and put it in the last divider called "CMRRR receipts and ITS"

9) If the company fails to remove the items from your Credit Report, send a CMRRR ITS (Intent to sue) and prpare yourself mentally to seek out and read up on how to sue within your rights as a consumer. (Help on this site)

10) Periodically go to www.MYFICO.com and purchase your credit score(s) and crack open your favorite beverage as you celebrate the fruits of your labors.